Immunoassay Market: Current Analysis and Forecast (2021-2027)

Report Description

The Immunoassay Market was valued at around US$ 27 billion in 2020 and is expected to registering a CAGR of 7% during the forecast period (2021-2027). Immunoassays are quick and accurate tests that can be used on-site and, in the laboratory, to detect specific molecules. The demand for the Immunoassay market is increasing on account of the rising prevalence of chronic and infectious diseases, for instance, the outbreak of COVID-19. Furthermore, the rising geriatric population, which is more prone to chronic and infectious diseases, intensifies the market growth. The rise in the prevalence of chronic diseases, for example, cancer, infections, cardiovascular diseases, autoimmune diseases, diabetes mellitus, and nephrological diseases, has led to the wide usage of immunoassay techniques in disease diagnostics. As per the International Agency for Research on Cancer (IARC), 1 in 5 people develop cancer during their lifetime globally and 1 in 11 women die from cancer. Cancer cases are continuously increasing on account of the lifestyle changes, rise in the geriatric population, and socioeconomic risk factors. Breast cancer accounts for the highest prevalence in the case of women owing to the genetic mutations in the BRCA1 and BRCA2 gene, radiation exposure, obesity, and postmenopausal hormonal therapy. As per the Centers for Disease Control and Prevention, Breast Cancer is the second most occurring cancer among women in the United States. Immunoassay is mainly exploited in the determination of oncogenesis and diagnosis of cancer, such as benign or malignant, and its different stages. It accelerates the use of monoclonal and polyclonal antibodies to detect specific antigens in tissues by determining the presence of tumor antigens.

Insights Presented in the Report

“Amongst Technology, Enzyme-Linked Immunospot segment hold the major share.”

Based on Technology, the market is fragmented into Immunoassay, Rapid Tests, Enzyme-Linked Immunospot, Western Blotting, Radio-Immuno Assay, and Other Technologies. Enzyme-Linked Immunospot segment dominated the market in 2020 and is expected to grow at lucrative growth. The enzyme-linked immunospot assay (ELISPOT) is gaining popularity for its ability to identify cellular immune responses against microbial antigens, such as HIV infection, transplantation, and steroid use. As per the UNAIDS, 37.7 million people globally were living with HIV in 2020. This technology offers several advantages over other methods such as reduced assay time, quantitative results, and the requirement of limited antisera for analysis.

“Amongst Specimen, Blood segment holds the major share.”

Based on Specimen, the market is fragmented into Blood, Saliva, Urine, and Other Specimens. The Blood segment dominated the market in 2020 owing to the surging number of blood donations and the increasing incidence of chronic and infectious diseases worldwide. As per the WHO, of the 118.5 million blood donations collected globally, 40% of these are collected in high-income countries, home to 16% of the world’s population.

“Amongst Applications, Infectious Diseases segment holds the major share.”

Based on Applications, the market is fragmented into Infectious Diseases, Endocrinology, Oncology, Bone & Mineral Disorders, Cardiology, Blood Screening, Autoimmune Disorders, Allergy Diagnostics, Toxicology, Newborn Screening, and Other Applications. The Infectious Diseases segment dominated the market in 2020 and is expected to grow at lucrative growth during the forecasted period owing to a rise in the incidence of infectious diseases such as HIV, malaria, influenza, and the novel COVID-19. Also, the launch of new products in the field of infectious disease testing is further boosting the market growth. Different diagnostic tests are available for the detection of HIV in a person, for instance: Enzyme-linked immunosorbent assay (ELISA) test, Home tests, Saliva tests, Viral Load test, and Western Blot test. As per UNAIDS, six in seven new HIV infections among adolescents aged 15–19 years are among girls in sub-Saharan Africa. Young women aged 15–24 years are twice as likely to be living with HIV than men.

“Amongst Product, Reagents & Kits segment holds the major share.”

Based on Product, the market is bifurcated into Reagents & Kits, and Analyzers. The Reagents & Kits segment dominated the market in 2020 and is expected to grow at lucrative growth during the forecasted period owing to high demand for immunoassay reagents and kits for diagnosis purposes with the growing prevalence of infectious and autoimmune diseases. Moreover, the approval and launch of novel immunoassay kits are expected to intensify the segment growth.

“Amongst End Users, Hospitals and Clinics segment holds the major share.”

Based on End Users, the market is fragmented into Hospitals and Clinics, Clinical Laboratories, Pharmaceutical and Biotechnology Companies, Blood Banks, Research & Academic Laboratories, and Home Care Settings. The Hospitals and Clinics segment dominated the market in 2020 and is expected to grow at lucrative growth during the forecasted period owing to high testing volumes. In addition, the rise in the number of hospitals also drives market growth. Moreover, hospitals & clinics work as reference laboratories to small hospitals and physician offices.

“North America region signifies one of the largest markets and is expected to be the fastest-growing markets of Immunoassay market.”

For a better understanding of the market adoption of Immunoassay, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America is expected to dominate the Immunoassay market on account of increasing per capita healthcare expenditure and the presence of technologically advanced healthcare infrastructure in the region. Some of the major players operating in the market include Thermofisher Scientific, bioMérieux SA, Abbott Laboratories, Danaher Corporation (Beckman Coulter), Quidel Corporation, Ortho Clinical Diagnostics, Sysmex Corporation, Bio-Rad Laboratories, Inc., Becton, Dickinson, and Company, and F. Hoffmann-La Roche AG. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Immunoassay market were the three major steps undertaken to create and analyze the adoption of Immunoassay for the different applications such as Infectious Diseases, Endocrinology, Oncology, Bone & Mineral Disorders, Cardiology, Blood Screening, Autoimmune Disorders, Allergy Diagnostics, Toxicology, Newborn Screening, and Other Applications. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Immunoassay sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Immunoassay through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Immunoassay market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Technology, Specimen, Product, Application, and End-Users, and Region/Country. Further country-level analyses were conducted to evaluate the overall adoption of Immunoassay in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Immunoassay. Further, we conducted factor analysis using dependent and independent variables such as the rising number of chronic diseases.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Immunoassay Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Immunoassay across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Immunoassay market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Immunoassay market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Technology, Specimen, Product, Application, End-Users, and Region of the Immunoassay market.

Main Objective of the Immunoassay Market Study

The current & future market trends of Immunoassay were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Immunoassay in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of Technology, Specimen, Product, Application, End-Users, and Region
• Define and analysis of the regulatory framework for the Immunoassay industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Immunoassay market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of the World
• Company profiles of the Immunoassay market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry